Australian online healthcare startup Eucalyptus is being acquired by NYSE-listed health and wellness rival Hims & Hers Health in a deal worth US$1.15 billion (A$1.6 billion).
The online healthcare startup was founded in 2019 and more than trebles its $520 million valuation following a $50 million raise in April 2023.
The cap table includes local funds Blackbird, Airtree, Woolworths VC fund W23, OneVentures, Athletic Ventures, and US investor Mary Meeker’s BOND Capital.
Other raises include an $8 million Series A in May 2020, $30m in a Series B in July 2021, and $60m in a Series C in Jan 2022.
Eucalyptus sells medical products online in four key demographic-focused brands: Pilot (men’s health, including weight and hair loss, erectile dysfunction and premature ejaculation); Juniper (women’s weight loss and menopause); Kin (fertility), and Software (prescription skincare).
The startup briefly dabbled in high-end men’s health in 2024 before suspending the concept.
The acquisition includes a US$240 million (A$340m) payment when the deal is closed, then deferred payments in cash or stock over 18 months, plus additional earnout payments based on financial targets through to early 2029.
Eucalyptus currently has an annual revenue run-rate (ARR) north of US$450 million (A$640m) Hims & Hers said, and delivered quarterly triple-digit year-on-year ARR growth in 2025. The startup was not yet profitable, having last posted a A$15.2m after-tax loss in FY2024.
Founder stays
Outspoken Eucalyptus cofounder and CEO Tim Doyle, who’s set to bank around $160 million from the deal, will become the SVP of international at Hims & Hers, overseeing the company’s international business.
The acquisition gives the San Francisco-based business access to the Australian and Japanese markets, as well as improving its customer base in the UK, Germany, and Canada.
Hims & Hers founder and CEO Andrew Dudum said Eucalyptus will create a diversified international platform for the business
“With Eucalyptus, we will not only enter new markets, we will expand our ability to serve customers globally, trusting local experts to be a key part of how we transform healthcare into a customer-first, personalized industry,” he said.
“We believe this puts us on the path to becoming the leading global consumer health platform.”
Doyle said that they spent seven years helping customers around the world find the care that fits them.
“We believe today’s news will be part of accelerating the movement towards affordable healthcare for everyone,” he said.
On LinkedIn Doyle said it was a moment to look back and say thank you.
“Eucalyptus started seven years ago as a bet that generalist talent from Australia could build a globally competitive consumer healthcare business,” he said.
“In many ways, this is the achievement of that aspiration.”
Hims & Hers has a market cap around US$3.6 billion (A$5.1bn). Its shares dipped around 2.5% in Thursday trade following the acquisition news.
